Advice on moving your business overseas
Have you decided to expand your business outside of the United States? That’s a great idea which will certainly provide you with a lucrative future. However, before you begin the relocation, there are some things that you should know in advance. International relocation may not be as simple as you have imagined. This is particularly true due to the fact that you will be moving your business across the ocean, to a completely different country. But don’t be intimidated – hiring a professional moving company to handle your relocation is the best choice you can make! It will ensure that your relocation goes as smooth as possible. Another great thing is that you will have more time to plan and organize everything that needs to be done prior to starting your business in a new country. If you would like to learn more about what to expect when moving your business overseas, as well as some benefits of the process, continue reading our blog post!
Consider the rules, regulations, and tax laws of the new country:
This is probably the most important thing that you need to know once you have decided to move your business internationally. The rules and regulations may differ for business, depending on the country you will be moving your business to. Before you take any steps with your relocation, look into these rules and regulations! This is of utmost important, since there are certain countries which may not allow you to set up your business there! Don’t waste any time, money, or material before you figure all of this information. Remember that tax laws also differ from state to state. You may face serious fines if you fail to comply to any of these rules and laws, so do your research in advance!
Consider the language barrier:
Depending on where you want to move your business, you may be faced with a completely new language. If this is your first time expanding your business to a new country, you may want to start with an English-speaking country first. Countries in which English is the first language are:
- Antigua and Barbuda
- The Bahamas
- Canada (although certain parts only speak French)
- New Zealand
- St Kitts and Nevis
- St Lucia
- St Vincent and the Grenadines
- Trinidad and Tobago
- United Kingdom
If none of these countries are on your desired list for expanding your business, try with a country where the majority of the population speaks English as their second language! This is important because you will have to hire staff and communicate with people in order for your business to be successful. Just remember that a language barrier may negatively influence the running of your day-to-day business. This is why it’s a great idea to actually take language lesson prior to your relocation. You will leave a much better impression if you’re able to speak to them in their native language! Don’t be intimidated by a new language – learning a language is not as difficult as it may seem, and it may actually turn out to be pretty fun!
Consider a completely different culture:
While the language barrier represents a certain problem, a completely different culture is another important thing that you need to take into consideration! It takes time to fully grasp and understand another country’s culture. The best advice that we can give you is to actually visit the country as many times as you can before you set up your business there. By doing so, you will be able to experience and learn more about their culture and therefore make appropriate changes to your business, if necessary. An important thing to remember is what may seem like a completely normal and natural gesture in the Western countries might be very offensive in the Eastern parts of the globe!
Consider a new marketing strategy:
Just because you marketing strategy was a success in the United States, doesn’t mean that it will be do as good in a new country! A great tip is to carry out international market research – this basically means gaining a good amount of knowledge about the market and target audience of the country you will be moving your business to. Things to consider include translation of your slogans, since literal translations will not work. The slogan must be linguistically and culturally appropriate for the new market! Pro tip: hire someone with expertise in marketing strategy for that particular market!
Consider the cost of your relocation:
Depending on whether you’re moving just an office or an entire factory, the cost of your relocation will differ. Moving offices is much easier and cheaper than moving an entire factory. But, if you are moving an entire factory, things that you need to consider include the cost of sourcing a new factory in a different country, as well as the cost of lots of plant equipment! You can save thousands of dollars by having a specialist company manage your factory!
Now, let’s take a look at some benefits which come along with moving your business overseas:
- You can save up on your taxes! For example, companies such as Google, Apple and a dozens of other companies have lowered their taxes by billions of dollars in completely legitimate ways.
- You get to open an untapped market! This basically means that you won’t have anyone to compete with once you have set up your business in a new country, if that country doesn’t already have a similar business, of course.
- You may experience a better business environment! There are certain countries which is completely anti-business oriented. And then there are countries in which you business can flourish and make you lots of money! All of you need to do is just simple research on which countries are best for setting up businesses.
Visit My International Movers for more information.